It has been months since the United States has had a string of good indicators like we have experienced in the past few days. To embrace the concept of positive thinking and make sure that our clients and friends take a moment to appreciate the warmth from these rays of hope, allow us to summarize them:
1) Existing Home Sales are up 5.1%: According to the National Association of Realtors ®, existing-home sales rose 5.1 percent to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January.
2) New Home Sales are up 4.7%: Sales of new single-family houses in February were at a seasonally adjusted annual rate of 337,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.7 percent above the revised January rate of 322,000.
3) Mortgage Rates are Down to 4.85%: Freddie Mac reported today that average rates on 30-year fixed-rate mortgages dropped to an all-time low (their survey began in 1971). As prices and interest rates have fallen, affordability continues to improve. Underwriting guidelines remain rigid, but we are seeing signs of improved availability for mortgages (Bank of America recently announced a program to increase jumbo loan activity).
4) Orders for Durable Goods are up 3.4%: Demand for machinery and other capital goods rose in February, driving orders for durable goods up 3.4%, the Commerce Department reported Wednesday. The monthly durable goods figures, although volatile, are key leading indicators for tracking economic growth.
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